Beijing said to boost SOEs trading overseas commodity derivatives by 100

The number of large state-owned firms allowed to trade in overseas commodities derivatives without regulatory approval will grow by 100, Reuters reported, citing unnamed sources. “This will boost trading by Chinese companies, energy in particular, given airlines and crude producers need to do it,” said the head of the futures department at a Beijing-based government-owned firm who claimed the company had been told of the change on Monday. The same source said firms owned by the central government conducting hedging in global markets through overseas units would now move those operations to Beijing for further expansion.